Post Tagged 'trade'

“If a product is seen only as the opportunity for work, it is certain that the anxieties of protectionists are well founded.” –Frédéric Bastiat, Economic Sophisms
Drawing inspiration from a 1847 essay by the inimitable Frédéric Bastiat, economist Donald Boudreaux tackles a popular argument from today’s trade protectionists: namely, “that protectionism is justified if enough consumers or voters are willing to pay higher prices in order to help workers.”
The problem, of course, is that such a perspective debases the value of labor to the value of products and vice versa, ignoring the many other relationships and ripple-effects that production and trade are bound to inspire. Continue Reading...

In today’s global economy, it can be easy to feel like robotic worker bees or petty consumer fleas in a big, blurry economic order. The feeling is understandable. Value creation, even at its largest margins, is increasingly difficult to spot. Continue Reading...

“Main street isn’t main street anymore. No one seems to need us like they did before.”
Americans continue to face the violent winds of economic change, whether stemming from technology, trade, or globalization. Continue Reading...

In the wake of the last presidential election, the American people appear to be fracturing and shifting on the long-held consensus about the benefits of free trade.
Meanwhile, state-owned television in the People’s Republic of China is churning out pro-trade propaganda such as this (HT Pethokoukis):
Yet the underlying irony is a bit overstated, I’d suspect. Continue Reading...

In our discussions about free trade, it can be easy to focus only on short-term disruptions or long-term material gains, using either to argue for or against it on behalf of the poor. Continue Reading...

As Americans face increasing pressures of economic change and uncertainty, many have relished in a range of renewed nostalgias, whether recalling the blissful security of post-war industrialism or the rise of the Great Society and the prowess of the administrative state. Continue Reading...

In 1980, PBS first aired Milton Friedman’s series, “Free to Choose,” which chronicled the glories of liberty across a range of areas, from welfare policy and education to healthcare, monetary policy, and beyond. Continue Reading...

Due to a rapidly changing economy and a range of excessive regulations from the federal government, the American coal mining industry is facing serious challenges. For states like West Virginia, the effects are particularly painful, as mining towns and communities struggle under a projected 23% decline in related jobs in recent years, leading vast numbers of residents to leave the state altogether. Continue Reading...

Most consumers have heard of fair-trade coffee, but have no idea how fair-trade actually works. In this video, economist Victor Claar covers the basics of the fair-trade model, and explores whether fair trade can deliver on its promises to help the poor. Continue Reading...